When will my lender run or obtain a copy of my credit report?
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A lender will run a credit check or get a copy of your credit report when you apply for credit, just before you close on a loan, or as part of managing existing credit accounts. If you’re simply asking about rates, they can’t pull your credit report.
Lenders usually run a credit check when you apply for a new loan, such as a new credit card, auto loan, mortgage, or other consumer loan. This type of credit inquiry is known as a “hard inquiry” or “hard pull” and will impact your credit score.
Other examples when lenders may run a credit check include:
- To determine how much they’re willing to lend you if you’re seeking a mortgage pre-approval
- To evaluate whether to approve or deny a request to increase your credit limit
- To assess your creditworthiness when refinancing an existing loan
- To monitor changes in your credit profile or determine your eligibility for a prescreened credit offer
- Just before you close a loan
Keep in mind that when an existing lender pulls your credit, it’s a soft inquiry, and it won’t impact your credit score.